Takes about 8 minutes per image with 15 steps on my 8GB M1 Air.

Yes, it's a waste of time. It works, kinda, sorta, but only after shutting down every other app, and even then occasionally it seems to fall over. The model is larger than 8GB in memory, so it's agonizing.

What about 16MB RAM?

16MB? No. 16GB? Sure.

My M1 Pro with 16GB handles it fine. My M1 with 8GB does not.

I have a 2020 mac mini with 8GB RAM, an image takes about 7 minutes with the default settings, no problems so far.

Oof. I guess I should at least 16GB on my next Mac (I've been very happy with 8GB on my M1 Air for just about everything else, though).

RAM won't expected the speed much, mostly impacts how large images you can render (8GB would be limited to 512x512 if not smaller). Memory bandwidth and available computer cores on the GPU matters more when it comes to generation speed.

Apparently it is many times faster on a 16GB M1 Mac. It was taking >5 minutes to render at 512x512 on my 8GB M1.

According to others, it’s about a minute or less with 16GB.